The High Court has held that where a clause provides for an “arbitration to be held” in a given jurisdiction, there is an implied choice that the laws of that place will be the curial law – that is, the law governing the...more

Europe and US Receive Good Grades for PFMI Implementation; Japan Receives the Best Grade -
Regulators in the European Union, Japan and the United States have made “good progress” in implementing the Principles of...more

US Judicial Developments -
Receiver can be subject to arbitration. The court-appointed receiver for hedge funds used as part of a Ponzi scheme sued the scheme’s “net winners” in an effort to claw back their gains....more

A U.S. shareholder of a controlled foreign corporation (CFC) is required to include in its gross income its pro rata share of the CFC’s subpart F income and/or the amount determined under Section 956 with respect to such...more

In Bank of Tokyo-Mitsubishi UFJ Ltd v Owners of the MV Sanko Mineral [2014] EWHC 3927 it was held that, as a matter of English law, a claimant should have commenced arbitration within 12 months, in accordance with contractual...more

On 6 January 2015, the Abu Dhabi Global Market (“ADGM”), the newly created free-zone and international financial centre located on Al Maryah Islands, Abu Dhabi, issued six consultation papers proposing new legislation for...more

A summary of the most interesting banking litigation and regulatory decisions from 2014. The selection is necessarily subjective and draws from a wide range of cases and developments that are of direct relevance to finance...more

On 12 February 2015 the Cayman Islands Court of Appeal handed down its long-awaited judgment in Weavering Macro Fixed Income Fund Ltd v Peterson and Ekstrom. The case, which measured the liability of directors, sent...more

Commerce may be increasingly global, but there remain limits on the extraterritorial application of cartel laws in individual countries. In late 2014, Courts in Australia and the United States (US) delivered judgments...more

In August 2014, steel and mining company ArcelorMittal announced that it was suspending an expansion project to triple its iron ore production in Liberia due to the Ebola epidemic in West Africa. A few days earlier, Brazilian...more

The year 2014 brought further development and maturity to Canadian securities class action regimes but the case law continues to reveal discordant themes.
Preliminary issues relating to jurisdiction, the leave test and...more

In the widely cited and sometimes wildly interpreted 1982 arbitration award issued by the tribunal in Aminoil v. Kuwait, the Government argued that compensation for its expropriation of Aminoil's concession should be based on...more

Developments in the past year are likely to affect nonmerger antitrust enforcement in the European Union in 2015 and beyond. In addition to merger enforcement, antitrust activity in 2014 provided a number of interesting...more

The European Court of Justice (ECJ) has decided that the rule of exhaustion of the distribution right upon first sale (in the U.S. known as the “first sale” doctrine) does not apply to post first-sale alterations to the...more

In this Issue:
- Thwarting Torpedoes and Other Clarifications: Recast Brussels Regulation in Force From 10 January 2015
- International Energy Charter Signals New Global Cooperation in the Energy...more

The impact of Argentina's prolonged dispute with the holdouts of its defaulted debt continues to reverberate in the context of foreign sovereign debt restructuring. What has been called the "trial of the century" because of...more

A federal judge in New York on Wednesday allowed a consolidated class action by U.S.-based investors concerning the rigging of the foreign exchange (FX) market to move forward. In denying a motion to dismiss, U.S. District...more

The Bankruptcy Code authorizes a bankruptcy trustee to avoid (i.e., obtain the return of) certain types of prepetition property transfers so that the bankrupt estate can be divided among creditors fairly. For example, a...more

The time has come for Canadian securities regulators and stock exchanges to revisit the application of securities laws and policies to the use of electronic communications for the disclosure of material information. Existing...more

The Third Circuit recently clarified the extraterritorial limits of the federal securities laws, as the U.S. Supreme Court defined in Morrison v. National Australia Bank, Ltd., 561 U.S. 247 (2010). See United States v....more

On 12 November 2014, the German Federal High Court (BGH) ruled that a sales contract for a used car concluded on the internet platform eBay was valid, even though the seller ended the listing early when the buyer’s initial...more

On 10 January 2015, new rules came into force under which an EU-based employee can now bring proceedings arising out of their employment contract against their non-EU employer, even if that employer has no presence in the EU....more

The CJEU has ruled that database owners whose databases are not protected by copyright or the sui generis database right may rely on contractual terms and conditions to restrict access to and exploitation of their data. As a...more